Spirit Airlines (NYSE:SAVE) Price Target Cut to $4.00 by Analysts at TD Cowen

Spirit Airlines (NYSE:SAVE) had its price objective dropped by TD Cowen from $5.00 to $4.00 in a research note issued on Tuesday, Briefing.com reports. The firm currently has a “hold” rating on the stock. TD Cowen’s price target indicates a potential downside of 10.11% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on SAVE. Bank of America began coverage on shares of Spirit Airlines in a report on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 price objective for the company. Susquehanna decreased their price objective on shares of Spirit Airlines from $5.00 to $4.00 and set a “negative” rating for the company in a report on Tuesday, April 9th. Seaport Res Ptn cut shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a report on Wednesday, January 17th. Evercore ISI decreased their price objective on shares of Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a report on Thursday, April 4th. Finally, Citigroup upped their price target on shares of Spirit Airlines from $3.95 to $4.00 and gave the company a “sell” rating in a report on Monday, February 12th. Five research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $4.93.

Spirit Airlines Trading Up 6.5 %

NYSE SAVE opened at $4.45 on Tuesday. Spirit Airlines has a 1-year low of $3.96 and a 1-year high of $19.69. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 2.69. The company has a market capitalization of $487.19 million, a PE ratio of -1.09 and a beta of 1.35. The firm’s fifty day simple moving average is $5.40 and its 200-day simple moving average is $10.54.

Spirit Airlines (NYSE:SAVE) last posted its quarterly earnings results on Thursday, February 8th. The company reported ($1.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.06. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.32 billion. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. Spirit Airlines’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.12 earnings per share. As a group, sell-side analysts anticipate that Spirit Airlines will post -2.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SAVE. Dimensional Fund Advisors LP raised its position in shares of Spirit Airlines by 37.8% during the first quarter. Dimensional Fund Advisors LP now owns 3,637,683 shares of the company’s stock valued at $79,557,000 after buying an additional 997,254 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of Spirit Airlines by 215.4% during the third quarter. Alliancebernstein L.P. now owns 1,394,047 shares of the company’s stock valued at $26,236,000 after buying an additional 952,023 shares during the last quarter. Norges Bank acquired a new position in shares of Spirit Airlines during the fourth quarter valued at about $11,875,000. Sonic GP LLC acquired a new position in shares of Spirit Airlines during the fourth quarter valued at about $11,688,000. Finally, Millennium Management LLC raised its position in shares of Spirit Airlines by 354.8% during the second quarter. Millennium Management LLC now owns 761,854 shares of the company’s stock valued at $18,163,000 after buying an additional 594,349 shares during the last quarter. Institutional investors and hedge funds own 58.73% of the company’s stock.

Spirit Airlines Company Profile

Spirit Airlines, Inc provides airline services. The company also offers hotels and rental cars services. It serves 93 destinations in 15 countries in the United States, Latin America, and the Caribbean. As of December 31, 2023, the company operated a fleet of 205 Airbus single-aisle aircraft. The company was formerly known as Clippert Trucking Company and changed its name to Spirit Airlines, Inc in 1992.